Nationaløkonomisk tidsskrift,
Nationaløkonomisk Forening

Abstract: This paper presents new annual price indices for imports and exports of OECD countries classified by SITC system. The paper uses detailed SITC data from the OECD international trade by commodity statistics database. The price indices at 1-digit SITC are constructed by aggregating unit values at the most detailed SITC level. Before aggregation, the unit values at the detailed level are filtered for outliers using the Hidiroglou-Berthelot method. The final price indices depend on the choice of index formula: Paasche, Laspeyres or Fisher chain index. The Paasche and Laspeyres chain price indices have downward and upward biases, respectively. There is a lot of volatility in the detailed unit values which makes it natural to prefer the Fisher index that is a geometric mean of the Paasche and Laspeyres indices.

Keywords: Unit value; trade price; international trade

JEL-codes: C43; F10

Language: English

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